Caribbean Financial Action Task Force re-rates Grenada on four FATF recommendations, 31 of 40 now compliant or largely compliant

The Caribbean Financial Action Task Force has published Grenada’s third enhanced follow-up report and technical compliance re-rating, concluding that the country has made enough progress since its 2022 mutual evaluation to be re-rated on four FATF Recommendations from Partially Compliant to Largely Compliant. Grenada is now rated Compliant or Largely Compliant on 31 of the 40 FATF Recommendations. The report is limited to technical compliance and does not assess progress on effectiveness. The re-ratings reflect steps to strengthen Grenada’s anti-money laundering and counter-terrorist financing framework, including additional national risk assessment work, designation of the AML/CFT Commission to coordinate risk assessment activity, and updated policy provisions on keeping assessments current and allocating resources on a risk basis. The report also points to progress on the non-profit organisation framework, including a sector risk assessment, registration requirements, vetting of applications and outreach. While some gaps remain, the CFATF found the remaining deficiencies on the re-rated recommendations were minor enough to justify the upgrades.